Quick idea here, I love repeating patterns. Is Ethereum doing that now?
Look at the similarities on the chart.
If this is the case, we can expect a move back up just below ATH, and then potentially a move towards a new ATH at >7k.
Depending on where the present candle closes, the neckline of the W may need adjusted to be more diagonal, which would lower targets. Or, it could just fail to stay above and invalidate this idea.
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For confluence, Ethereum / Bitcoin pair has a confirmed inverted HS that only ever reached it's TP 1 or 1x measured target. Typically an inverted HS would reach at least 1.5x or TP 2:
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Eth dominance chart also lends confluence to this idea, having a nearly identical chart to the eth/btc chart shown above:
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